BP buys minority stake in UK carbon capture and storage (CCS) project

BP has purchased a 40% non-operating stake in the North Sea Viking carbon capture and storage (CCS) project from Harbour Energy. The asset intends to transport CO2 through a pipeline and store it in offshore secure storage sites.

The pipeline will repurpose the decommissioned Lincoln Offshore Gas Gathering System (LOGGS), enabling low-cost connectivity to approximately 300 million metric tons of storage capacity throughout the depleted Viking gas fields. To connect dispersed emitters in the UK and worldwide to the Viking storage quarters, the Viking CCS project also has access to an intended CO2 shipping terminal in Immingham, which has been established in conjunction with Associated British Ports. Harbour Energy's goal is to transform the Humber region into the UK's first net-zero SuperPlace by merging CCS infrastructure and green energy generation to establish a new energy ecosystem. The final investment decision is expected to come in 2024.

BP's acquisition will add value to the Viking CCS project and help it make significant growth towards meeting the UK's CCS targets. Additionally, the project will also contribute to transforming the Humber region into the UK's first net-zero carbon region, which will become a model for other regions. This will be accomplished by combining CCS infrastructure with clean energy production to create a new energy ecosystem. The Viking CCS project's delivery will depend on the supply chain, financial models, and growth in CO2 storage, amongst other factors, with final investment expected to be confirmed in the next three years.